As tensions rise in the ongoing US-China tariff war, China's State Council Information Office has released a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations." The document aims to clarify … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader China releases white paper defending trade ties as US-China tariff war escalates By sbinsights on April 10, 2025 As tensions rise in the ongoing US-China tariff war, China's State Council Information Office has released a white paper titled "China's Position on Some Issues Concerning China-US Economic and Trade Relations." The document aims to clarify China's stance and reaffirm its commitment to stable economic ties with the United States. Describing the US as the world's largest developed economy and China as the largest developing one, the 52-page paper underscores the importance of China-US trade for global economic stability. It notes that trade between the two nations grew from under $2.5 billion in 1979 to nearly $688.3 billion in 2024, highlighting the decades of cooperation that have supported both countries' development. However, the report blames recent disruptions on what it calls "US unilateralism and protectionism." According to the State Council, the US has imposed tariffs on over $500 billion worth of Chinese goods since trade tensions began in 2018, while pursuing broader policies aimed at curbing China's growth. China, it says, has taken necessary countermeasures and remained open to dialogue. Read also The white paper also references the 2020 Phase One trade deal, claiming China fulfilled its obligations despite global disruptions like the pandemic. It accuses the US of breaching commitments and tightening restrictions on Chinese firms through export controls and new sanctions. In its latest move, the US unveiled the America First Trade Policy Memorandum and slapped additional tariffs—some tied to fentanyl concerns—on Chinese sectors including maritime, logistics, and shipbuilding. A new 50% increase on existing duties further inflamed tensions. The Chinese government argues that such actions go against principles of free trade and multilateralism, disrupt supply chains, and ultimately hurt the global economy—Americans included. "China-US economic and trade relations are mutually beneficial," the report states. "Differences between two major countries are natural, but resolving them through dialogue and mutual respect is essential." The white paper seeks to "set the record straight" as both sides dig in deeper, leaving global markets watching anxiously for what comes next.

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Nigeria recorded a $6.83 billion balance of payments (BoP) surplus in 2024, signaling a major shift in economic momentum, according to new data from the Central Bank of Nigeria (CBN). The surplus reflects improved foreign inflows, disciplined fiscal… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigeria posts $6.83bn balance of payments surplus in 2024 as reforms boost investor confidence By sbinsights on April 10, 2025 Nigeria recorded a $6.83 billion balance of payments (BoP) surplus in 2024, signaling a major shift in economic momentum, according to new data from the Central Bank of Nigeria (CBN). The surplus reflects improved foreign inflows, disciplined fiscal management, and renewed investor confidence in the country's macroeconomic direction. This marks a strong rebound from consecutive deficits of $3.34 billion in 2023 and $3.32 billion in 2022, the apex bank noted. The CBN attributed the positive trend to structural reforms, stronger trade performance, and the unification of the foreign exchange market. In 2024, the current and capital account recorded a surplus of $17.22 billion, driven by a $13.17 billion goods trade surplus. Petroleum imports declined by 23.2 per cent to $14.06 billion, while non-oil imports dropped by 12.6 per cent to $25.74 billion. Gas exports surged by 48.3 per cent to $8.66 billion, and non-oil exports rose by 24.6 per cent to $7.46 billion. Remittance inflows remained strong, with personal remittances rising 8.9 per cent to $20.93 billion. International Money Transfer Operator (IMTO) inflows jumped 43.5 per cent to $4.73 billion, reflecting increased engagement from the Nigerian diaspora. Read also Official development assistance also increased by 6.2 per cent to $3.37 billion. On the financial side, Nigeria acquired net financial assets worth $12.12 billion. Portfolio investment inflows more than doubled to $13.35 billion, a 106.5 per cent increase. Resident foreign currency holdings also grew by $5.41 billion, showing growing confidence in economic stability. However, foreign direct investment fell by 42.3 per cent to $1.08 billion. Despite this, the financial account saw overall improvement. External reserves rose by $6.0 billion to $40.19 billion by the end of 2024, reinforcing the country's external buffers. The CBN also reported a sharp decline in net errors and omissions, which dropped by 79.5 per cent to a negative $5.10 billion, from $24.90 billion in 2023. This signals improved transparency and data accuracy. CBN Governor Olayemi Cardoso said the surplus reflects the impact of well-coordinated fiscal and monetary measures aimed at stabilising the naira, taming inflation, and positioning Nigeria as a competitive investment destination. "The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability," Cardoso said. "This surplus marks an important step forward for Nigeria's economy, benefiting investors, businesses, and everyday Nigerians alike."

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Billionaire businessman Femi Otedola has described his longtime friend and Africa's richest man, Aliko Dangote, as the greatest entrepreneur to have emerged from the continent. Otedola made the remark in a post on X (formerly Twitter) on Thursd… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Otedola hails Dangote as Africa's greatest entrepreneur By sbinsights on April 10, 2025 Billionaire businessman Femi Otedola has described his longtime friend and Africa's richest man, Aliko Dangote, as the greatest entrepreneur to have emerged from the continent. Otedola made the remark in a post on X (formerly Twitter) on Thursday to celebrate Dangote's 68th birthday. "Happy birthday to my dear brother @aliko_dangotegcon," Otedola wrote. "The greatest entrepreneur to have come out of Africa." Born on April 10, 1957, Dangote is the founder and President of the Dangote Group, a diversified industrial conglomerate with interests in cement, sugar, salt, oil refining, and more. Read also Meanwhile, Dangote has urged Nigerian stakeholders to work together in addressing the country's economic challenges, stressing that internal problems cannot be solved by external interventions alone. His comments come amid ongoing global trade disruptions triggered by the U.S.-China tariff war, which the World Trade Organisation warns could shrink global real GDP by up to 7 percent. Dangote made the call while accepting the 'Person of the Year 2024' award at the 17th LEADERSHIP Annual Conference and Awards held in Abuja on Tuesday.

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